The developer obtained the funding for the $80-million NeoVertika, its second project, through Wachovia Bank NA. Jess Lawhorn Jr., senior vice president of Wachovia Bank, helped facilitate the financing transaction.
NeoVertika will be located on 2.2 acres at 690 S.W. 1st Court in Brickell Village, on the South Bank of the Miami River. Prices for the splits, or two-story units, start in the $250,000s. In addition, prices for the flats start in the $160,000s.
The project also will feature approximately 20,000 sf of ground-floor retail space, according to Frank Guerra, president of Neo Concepts LLC. NeoVertika is currently 85% sold at press time. Buyers responded well to the project initially, and the project was 60% reserved last summer, shortly after sales began--something Guerra has attributed to the project's affordable prices.
Plans call for the tower to include 20-ft ceilings and floor-to-ceiling windows. Amenities will include an on-site volcanic rock sauna, an aromatherapy steam room, thermal waterfalls, a professional fitness center, a pool, a racquetball court, a cigar parlor, a rooftop lounge, a business center and a dog park. Residence features will include Italian cabinets and granite countertops.
The tower, originally anticipated to break ground next January, should be completed within about two years from ground-breaking. Luis Revuelta of Luis Revuelta PA is the architect for NeoVertika.
The project is a continuation of the neighborhood revitalization that the company started with its Neo Lofts project, a 199-residence loft condominium development Downtown that was completed last fall. Residents began moving into in December. Neo Lofts also is located along the river, at 10 S.W. River Dr.
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